FLORIDA NON-WARRANTABLE CONDO LENDERS –Warrantable vs Non-Warrantable NON-Warrantable FL Florida Condos 

FLORIDA NON WARRANTABLE CONDO LENDERS OVERVIEW

Thinking about buying a condominium in NON-Warrantable Florida? The first thing you will need to determine is whether you are buying a “warrantable” or “non– warrantable”NON-Warrantable FL Florida condo. 

FLORIDA NON WARRANTABLE MORTGAGE LENDERS TERMS
The ARM is a 1st mortgage adjustable rate loan with principal and interest payments amortized over 30 years.

• 30 Year fixed for 30 years.

FLORIDA NON WARRANTABLE MORTGAGE LENDERS SUMMARY

• Up to 80% LTV
• Credit scores as low as 680
• Loans up to $3 million
• Up to 100% investor concentration
• New construction: minimum 25% sold & closed
• Up to 50% DTI
• High and low-rise condos acceptable 
• Owner-occupied, second homes, and investment properties
• No MI required
• Reserves required

FLORIDA NON WARRANTABLE CONDO MORTGAGE 

Property Considerations NON Warrantable Florida  Accessory Units
NON Warrantable Florida Properties with accessory units, also known as Granny units, mother-in-law suites, etc., may be
acceptable if all of the following are met:
•NON Warrantable Florida Property is typical, readily-acceptable, and common in the subject’s market area
•NON Warrantable Florida Property must conform to all zoning laws and/or regulations
• NON Warrantable FloridaAppraisal contains two (2) comparables with similar additional accessory units
• NON Warrantable Florida Accessory unit is substantially smaller than the primary dwelling
• Legal non-conforming use may be acceptable provided its current use does not adversely affect value
and marketability
• Any rental income received from the accessory unit may not be used for qualifying
• Existence of the unit must not jeopardize any future hazard insurance claim that may need to be filed
for the property

FLORIDA NON WARRANTABLE GENERAL CONDO REQUIREMENTS

Condominium Requirements - In general All condominium transactions must have a completed Homeowners’ Association (HOA) Certification and a
valid project approval. The HOA certification may not be greater than 90-days old at the time of closing. All condominium projects must meet the following requirements: LTV’s and/or Condo Presale
Requirements HOA Reserve Requirements Condo’s less than 90% closed and sold ≥10% of the annual budget > 80% ≥10% of the annual budget 80% - 70% ≥5% of the annual budget
<70% No reserve accounts required

• The sustainability, marketability and financial stability of the Florida non warrantable condo project must be supported.
• The project must be located in an area where acceptability of condominium ownership is
demonstrated.
• The Florida non warrantable condo project must be in compliance with all applicable state or local laws. The homeowners’
association must be incorporated in the state in which the project is located.
• Condo projects must have acceptable insurance coverage.
• All common areas and amenities within the project or subject phase must be complete.
• Subject Florida non warrantable condo unit must have at least 600 square feet of living space.
• HOA Delinquency (maximum): 15% of the units; and
• Annual Budget Dollar Delinquency (maximum): 10%
• No more than 30% of the Florida non warrantable condo total square footage of the project may be used for commercial purposes.
• No single Florida non warrantable condo entity, the same individual, investor group, partnership, or corporation may own more than
10% of the total units in the project. In the case of a project that has fewer than ten units, no single
entity may own more than one (1) unit.
• Investor Concentration (maximum): 100%
• Florida non warrantable condo Projects with pending or threatened litigation are typically ineligible. Litigation may be acceptable if it
is determined to be minor and immaterial. Details of the litigation must be submitted with project
review documentation to determine acceptability. An environmental hazard assessment is required
for condo projects if an environmental problem is identified by the originator or Loan Purchaser
through performance of its project underwriting or due diligence. The solution to the problem must
be deemed acceptable by Angel Oak.
• The Florida non warrantable condo project must be located on one contiguous parcel of land. The project may be divided by a public
street.
• The Florida non warrantable condo structures within the project must be within a reasonable distance from each other. Common
elements and facilities, such as recreational facilities and parking, must be consistent with the nature
of the project and competitive in the marketplace.
• All Florida non warrantable condo programs are limited to a maximum number of units purchased by Loan Purchaser within one
project of 20% or 20 loans, whichever is less.

FLORIDA NON WARRANTABLE CONDO CONVERSIONS
A condominium conversion is the conversion of an existing building to a condominium project. Project
conversions legally created in the past three years are not allowed.

FLORIDA NON WARRANTABLE CONDO INSURANCE
Earthquake Insurance Analysis, FHLMC Form 465S, must be completed when subject property is located in
California. Earthquake insurance is required for projects located in “moderate” or “high” risk zip codes.
Obtain a copy of the Site-Specific Earthquake Risk Analysis (SSERA) from the condominium project
association.

FLORIDA NON WARRANTABLE CONDO INELIGIBLE PROJECTS 
• Florida non warrantable Projects comprised of manufactured homes
•  Florida non warrantable Projects managed and operated as a hotel or motel
•  Florida non warrantable Projects containing the word hotel or motel in the name
•  Florida non warrantable Projects with registration services or that offer rental of units on a daily basis
•  Florida non warrantable Projects that restrict the owner’s ability to occupy the unit
•  Florida non warrantable Projects with mandatory rental pooling agreements that require unit owners to either rent their units
or give a management firm control over unit occupancy
•  Florida non warrantable Projects with non-incidental business operations owned or operated by the homeowners’ association
(such as a restaurant, spa, health club, etc.)
• Common interest apartments
•  Florida non warrantable Timeshare or segmented ownership projects
•  Florida non warrantable Multi-unit dwelling condos that permit an owner to hold title to more than one dwelling unit, with
ownership of all of his or her owned units evidenced by a single deed and financed by a single
mortgage.

FLORIDA NON WARRANTABLE CONDO NEW PROJECTS 
• 90% Sold and Closed: No restrictions
• Foreign Nationals and Investor Cash Flow borrowers must meet this requirement
• <25% Sold and Closed: Not eligible
• ≥ 25% - 89% Sold and Closed: Maximum concentration for Angel Oak is 5% and maximum LTV is
reduce by 10%

FLORIDA NON WARRANTABLE SITE CONDOMINIUMS
Projects consisting of single-family detached dwellings (also known as site condominiums) are
acceptable provided the appraisal supports market acceptance of site condominiums in the subject’s
market area.
• SFD or Condo appraisal forms are acceptable

www.Florida-Mortgage-Lenders.com

 Please find attached the following Information requested in regards to our Florida Condo loans. Keep in mind that we do Non-Warrantable Condos. (No longer required to be FNMA warrantable)              

1. Non-Warrantable Florida Condo Lenders / Rate Sheet.
2.  Pre-Qual Form. 
3. Florida Mortgage Lenders.com Wholesale Condo Questionnaire. (Attachment

(To save you some time, send me name of the Non-Warrantable Condo Development, physical address, any issues of the Development and I will send to our Corporate Office to see if Acceptable?)

Non-Prime Program:

• 24 Month Self Employed Bank Statement Program

                        (Perfect for ALL that Write-Off Everything!)

• Non-Warrantable Condos. (No longer required to be FNMA warrantable)
• Use middle FICO score of Primary Borrower.
• Cash out up to $500,000, Loan Amounts to $1 Million.
• Scores Starting at 500, 80% LTV’s as low as 580 Score and up to 50% DTI.
• 12 Month Seasoning on BK, Foreclosure, Short Sale and Deed-In-Lieu.
• Rates have Dropped as LOW AS 7.49%.
•  
• Recent Housing Event Program:

1 Day out of Foreclosure, Short Sale and Deed-In-Lieu, No Seasoning.

• No Seasoning of BK if Mortgage Included, otherwise 12 Months Seasoning for Primary Residence, 2^nd Home 24 Months.
• Non-Warrantable Condos. (No longer required to be FNMA warrantable)
• Use middle FICO score of Primary Borrower.
• Cash out up to $500,000, Loan Amounts to $1 Million.
• Scores Starting at 500, 80% LTV’s as low as 580 Score and up to 50% DTI.
• Jumbo Loans, O/O, Condo’s, 2^nd Homes, Bank Statements and Non-Permanent Resident Aliens Allowed.
• Rates have Dropped as LOW AS 7.99%.

Investment Property Program:

• 1 Day out of Foreclosure, Short Sale and Deed-In-Lieu, No Seasoning.
• No Seasoning of BK if Mortgage Included, otherwise 12 Months Seasoning.
• 5 properties with AOF or a total of 20 properties regardless of the Lender.
• Properties in LLC OK, Individual must be on the Note, LLC will be on Title.
• Cash out up to $500,000, Loan Amounts to $1 Million.
• Foreign National, Max 65% LTV,Scores down to 560, Funds Seasoned for 60 days, 30 days seasoning in U.S. Depository Institution, Very Few Country Restrictions,